Core Viewpoint - The brokerage asset management business is accelerating its return to active management, with a continuous clearing process of channel business and a significant recovery in the scale of private asset management products. Group 1: Market Trends - As of the end of April, the scale of brokerage private asset management products reached 5.43 trillion yuan, reversing the decline trend since February, with an increase of over 100 billion yuan in April alone [1] - The proportion of actively managed collective asset management plans has risen to 54.07%, indicating ongoing structural optimization and transformation towards active management in the brokerage asset management business [2][3] Group 2: Product Structure - The scale of actively managed collective asset management plans increased to 2.93 trillion yuan, with a growth of 1,127.94 billion yuan, representing a 4% increase [2] - Fixed income products remain the mainstay of growth, with a scale of 44,770.01 billion yuan, accounting for 82.49% of the total, and an increase of 1,195.9 billion yuan, or 2.74% [2] Group 3: New Product Launches - In the first four months of this year, the total establishment scale of brokerage private asset management products was 1,341.75 billion yuan, with collective asset management plans accounting for 61.08% [3] Group 4: Revenue and Fee Trends - Analysts expect that the brokerage private asset management business will continue to grow in the second half of the year, despite a slight decline in revenue in the first quarter [4] - The adjustment of fees for collective asset management products is expected to stabilize, leading to steady growth in fees and revenue for brokerage asset management [4] Group 5: Strategic Focus - Brokerage firms are exploring various asset strategies, including quantitative, derivatives, and overseas investments, to meet diverse investor needs [5] - Recent regulatory changes are expected to promote the development of asset management businesses among small and medium-sized brokerages, encouraging them to explore differentiated development paths [5] Group 6: Future Outlook - Analysts predict a downward trend in asset management fees due to policy encouragement for public funds to reduce fees and the ongoing popularity of passive investment strategies [6]

Core Viewpoint - The article discusses the challenges faced by brokerage asset management plans in China, particularly regarding their survival and transformation into public funds, highlighting the factors influencing their extension or liquidation [1][2][3]. Group 1: Current Status of Asset Management Plans - A number of brokerage asset management plans are at a critical juncture, with some successfully extending their duration while others face liquidation due to failed applications for extension [1][2]. - The survival of these plans largely depends on three core factors: qualification conditions, quality of underlying assets, and the composition of clients [1][3]. Group 2: Extension and Liquidation - Many asset management plans are unable to extend their duration, leading to inevitable liquidation, as seen in the case of the "Fangzheng Securities Xinxiang" plan, which will enter liquidation on May 26, 2025 [2]. - Even when extension applications are approved, the time granted is often limited, with recent extensions typically lasting only six months or less [3]. Group 3: Transformation to Public Funds - Finding a public fund manager has become a key strategy for many institutions unable to obtain public fund licenses, as demonstrated by recent announcements from Donghai Fund and Haitong Asset Management [3][4]. - The transition to public fund status is more favorable for bond-type asset management plans, which are more likely to attract public fund managers [4]. Group 4: Challenges in the Transformation Process - The public fund transformation process is seen as a means to standardize operations and enhance market transparency, but it also presents significant challenges, including high licensing barriers and practical difficulties in the transformation process [4][5]. - The overall process reflects a trend towards the normalization of the asset management industry, with institutions actively adapting to new regulatory requirements [5].